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The EBA finds divergences in the issuance and regulation of ‘virtual IBANs’ across the EU, identifies issues, and provides recommendations on how to address them
The European Banking Authority (EBA) today published a Report on the issuance of what is commonly referred to as ‘virtual IBANs’ (vIBANs). In the absence of a common definition, the Report observes that the industry issues vIBANs in different ways and for different purposes and national authorities diverge in interpreting and applying regulatory requirements. The Report also identifies resulting issues in terms of money laundering and terrorist financing, consumer and depositor protection, authorisation and passporting, and regulatory arbitrage, and provides recommendations on how to address them.
Joint Controllership Arrangements - EuReCA
The EBA will start collecting information on natural persons through its AML/CFT database, EuReCA
Starting from May 2024, supervisors across the European Union (EU) will be able to report names of natural persons to EuReCA, the EU central database on anti-money laundering (AML) and countering the financing of terrorism (CFT) of the European Banking Authority (EBA). Through EuReCA, the EBA has been able to contribute to making supervision more informed, targeted and effective. With this step, the EBA will contribute to further strengthening the fight against money laundering (ML) and terrorist financing (TF) in the EU.
Factsheet on de-risking
Cover letter - CfA on RTS and GL under the future AML/CFT framework
Public hearing on the Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes under Regulation (EU) 2023/1113 (‘The Travel Rule Guidelines’)
EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks
The European Banking Authority (EBA) today extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). The new Guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime.
The EBA consults on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national sanctions
The European Banking Authority (EBA) today launched a public consultation on two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures. Restrictive measures are binding on any person or entity under the jurisdiction of Member States. They comprise individual measures, i.e. targeted financial sanctions, and sectoral measures, i.e. financial and economic measures or embargoes. Through these Guidelines, the EBA creates, for the first time, a common understanding, among payment service providers (PSPs), crypto-asset service providers (CASPs) and their supervisors, of the steps they need to take to be able to comply with restrictive measures. The consultation runs until 25 March 2024.
Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
Consultation paper on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
Consultation on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes
Guidelines on risk-based supervision - consolidated version
Corrigendum to the Guidelines on risk-based supervision
Final report on amending Guidelines on risk-based supervision
EBA issues guidance to AML/CFT supervisors of CASPs
The European Banking Authority (EBA) today extended its risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision guidelines to AML/CFT supervisors of crypto-asset service providers (CASPs). The new guidelines set clear expectations of the steps supervisors should take to identify and manage money laundering and terrorism financing (ML/TF) risks in this sector and are an important step forward in the EU’s fight against financial crime.
EBA consults on Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes
The European Banking Authority (EBA) today launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets. They also detail the procedures all these providers should put in place to manage a transfer of funds or a transfer of crypto-assets that lacks the required information. These Guidelines aim at forging a common understanding to ensure the consistent application of EU law as well as a stronger anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The consultation runs until 26 February 2024.